Brent crude nears $100 as Strait of Hormuz tensions escalate

Oil prices climbed to a six-week high as renewed fighting between the US and Iran intensified concerns about disruptions to crude supplies through the Strait of Hormuz, with Brent crude moving toward $97 a barrel. Brent reached an intraday high of $98.06 a barrel on Monday, its highest level since July 24. The latest rally reflects growing concern that the escalating U.S.-Iran conflict could further disrupt oil flows through the Strait of Hormuz, one of the world's most important energy chokepoints. Data from maritime analytics firm Kpler showed that an average of only about 10 commodity ships a day crossed the Strait of Hormuz over the previous 10 days, the lowest level since May. The strait normally handles roughly one-fifth of global oil supplies. Brent has risen about 19% over the past month and roughly 9% over the past five days. Higher crude prices quickly feed into gasoline, diesel, aviation fuel and transportation costs. US gasoline prices were already around $4.15 a gallon Monday, up from $4.08 a week earlier.